Due to the infringement of consumers' right to know and the right to independent choice, and the existence of consumer information security risks, Mercedes-Benz Auto Finance Company was notified by the Consumer Protection Bureau of the Banking and Insurance Regulatory Commission. As of the end of 2020, the company's business covers 677 dealers in 270 major cities and 233 surrounding cities across the country.
On February 10, the Consumer Rights and Interests Protection Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) issued the first circular of the new year, pointing out that Mercedes-Benz Auto Finance Co., Ltd. (hereinafter referred to as "Mercedes-Benz Auto Finance") has publicity materials that do not clearly state the provider of loan products; the disclosure of service price information does not meet the requirements; the standard terms and conditions for the authorized use of consumer information do not follow the principles of legality, propriety and necessity; and the four major violations of consumer rights and interests are not implemented in place.
Regarding the issue of promotional materials, the circular pointed out that the "'Can't Hide' Series GLA Circle of Friends Poster - Universal Edition" promotional materials provided by Mercedes-Benz Auto Finance to dealers in July 2019 put the company's loan products and Mercedes-Benz Leasing Co., Ltd.'s leasing products on the same page, but did not clearly state that the loan product provider was Mercedes-Benz Auto Finance; the "Yes Series Circle of Friends Poster" promotional materials provided to dealers in January 2020 were based on "Mercedes-Benz Finance" The name promotes both loan products and leasing products, and only suggests that "'Mercedes-Benz Finance' refers to Mercedes-Benz Auto Finance and Mercedes-Benz Leasing". The promotional materials do not clearly explain the behavior of the provider of the loan product, which does not comply with the relevant provisions of the Guidelines for the Protection of Consumer Rights and Interests in the Banking Industry.
In terms of service prices, Mercedes-Benz Auto Finance disclosed the "Mercedes-Benz Auto Finance Co., Ltd. Charging Items Announcement" on the official website, the specific path is: car purchase support - financial services - compliance publicity, listed in the official website under the 3rd layer directory. Mercedes-Benz Auto Finance's failure to publish service price information in a conspicuous position on the homepage of the website does not comply with the relevant provisions of the Measures for the Administration of Service Prices of Commercial Banks.
With regard to the use of consumer information, during the inspection period from May 2019 to December 2020, the Auto Loan Mortgage Contract provided by Mercedes-Benz Auto Finance and signed with the consumer stated that the consumer authorized the company to collect, disclose and allow the use of consumer information to any company within its group, a third party authorized by other lenders or providing services to the lender. This authorization clause is valid for the duration of the contract and after the termination or rescission of the contract. The above-mentioned provisions on the scope of disclosure of consumer information and the length of time for using consumer information do not follow the principles of legality, legitimacy and necessity, and do not comply with the relevant provisions of the Consumer Rights and Interests Protection Law, the Guiding Opinions of the General Office of the State Council on Strengthening the Protection of Financial Consumers' Rights and Interests, and the Guidelines for Information Technology Risk Management of Commercial Banks.
In terms of consumer rights protection, in the product review process within Mercedes-Benz Auto Finance, the review records of the two products were only signed by the consumer rights protection commissioner, and no clear and specific review opinions were put forward in accordance with regulatory requirements. The marketing guidance materials and training materials produced by financial consultants have not been reviewed by the company for consumer rights protection. The review of consumer rights and interests protection of Mercedes-Benz Auto Finance is not in place, and does not comply with the relevant provisions of the Guiding Opinions of the China Banking and Insurance Regulatory Commission on the Construction of Institutional Mechanisms for Banking and Insurance Institutions to Strengthen the Protection of Consumer Rights and Interests.
It is worth mentioning that in addition to the non-compliance of the price disclosure method, the pricing of the Mercedes-Benz auto financial service fee of 3,000 yuan is more concerned by consumers. In the 2019 "Xi'an Benz" incident, the financial service fee paid by the owner was 15,200 yuan, which attracted the attention of all parties. At that time, the report pointed out that for financial service fees, the charging situation in different regions is different, and dealers in various places are loans to purchase vehicles to ensure inventory, plus car owners also need to pay a certain service fee for loan declaration when purchasing vehicles.
According to the information on the official website, Mercedes-Benz Auto Finance was established in September 2005, and the shareholders behind it are Daimler AG and Daimler Greater China Investment Co., Ltd., holding 52.2% and 47.8% of the shares respectively. As of the end of 2020, the company's business covers 677 dealers in 270 major cities and 233 surrounding cities across the country.
At present, there are two types of auto finance companies in China, namely the manufacturer system initiated by various automobile manufacturers, followed by the dealership system established by automobile dealers as the main investors. The joint credit evaluation report pointed out that as of the end of 2020, the Banking and Insurance Regulatory Commission has approved the establishment of 25 auto finance companies, unchanged from the previous year, of which the total number of manufacturers is 24 auto finance companies, and the dealer is auto finance companies: among the manufacturers' auto finance companies, there are 7 wholly foreign-owned auto finance companies, 10 Sino-foreign joint venture auto finance companies, and 7 domestic auto finance companies.
According to the circular, at present, Mercedes-Benz Auto Finance has been rectified in accordance with regulatory requirements. The Consumer Insurance Bureau of the China Banking and Insurance Regulatory Commission pointed out that all banking and insurance institutions should strictly implement the laws, regulations and regulatory systems for the protection of consumer rights and interests, earnestly assume the main responsibility for the protection of consumer rights and interests, establish and improve the institutional mechanism for the protection of consumer rights and interests, carry out business activities in accordance with the law and compliance, and safeguard the legitimate rights and interests of financial consumers.
Producer: Nandu Consumer Finance Research Group
Written by: Nandu reporter Ye Linfang
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